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Pa. home sales hold steady, but prices higher
Stacy Wescoe//September 30, 2024//
Listen to this articlePennsylvania’s August housing market remained steady, reflecting consistent prices, demand and supply levels, during the month of August.
According to a report prepared for the Pennsylvania Association of Realtors, the median home sales price in August remained about the same as July, at $305,000. The price is up 7% compared to August 2023, when the price was $285,000.
The number of homes sold was constant at 11,514 in August, which was down just 1% year over year. Listings in August were at 37,664, up 3.5% over the same period last year.
“We’ve been seeing stable prices and inventory at the state level, although conditions may vary somewhat in local marketplaces,” said PAR President-elect Bill Lublin. “We continue to see multiple offers on properties, although fewer numbers than we were seeing a year ago. Though the market is still very competitive, more houses offer buyers more opportunities and, with professional guidance, more success.”
Lubin noted that last month, changes to the homebuying process took effect. “Before touring a home with a buyer agent, either in-person or virtually, consumers must enter into a written agreement with that agent outlining the agent’s services and fees,” he said.
Written buyer agreements are not new to Pennsylvania, Lubin said. The written agreement outlines the services the agent will provide and the compensation for those services. Compensation remains negotiable.
